Entitlement towards Cost Petroleum amp; Profit Petroleum under Production Sharing Contract can’t be treated as consideration: CESTAT

EXCISE/ST/VAT : Entitlement towards Cost Petroleum and Profit Petroleum under Production Sharing Contract cannot be treated as consideration as commercial transaction is in the nature of joint venture and exploration and production of petroleum are carried by contractors for themselves and not as a service to the Government of India.EXCISE/ST/VAT : Entitlement towards Cost Petroleum and Profit Petroleum under Production Sharing Contract cannot be treated as consideration as commercial transaction is in the nature of joint venture and exploration and production of petroleum are carried by contractors for themselves and not as a service to the Government of India.www.taxmann.com Latest Case LawsRead More

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